Butchers in white coats shuttled along two runways outside Harts of Smithfield handing out turkeys, racks of beef and legs of pork to eager customers wheeling rolling suitcases and shopping trolleys.
The auction was led by 66-year-old Greg Lawrence, who has worked at the market for 49 years and is chairman of the Smithfield Market Traders Association.
"You're wonderful people who've come into the city of London to see us. Best city in the world. This is the beginning of Christmas!" Lawrence told the crowd to loud cheers and shouts of "Merry Christmas!"
With six kilogramme rumps of beef at 25 pounds and turkeys and giant legs of pork at 20 pounds, many buyers agree.
The diverse crowd of shoppers at the two-hour sale included hipsters in thick-rimmed glasses, working-class men in tweed flat caps and camera-carrying tourists curious to witness a slice of London history.
One man could be seen wearing a Sherlock Holmes-style deerstalker hat, while another had a bicycle helmet topped by a fluffy reindeer head.
Maloney said she was preparing meals for 12 people.
Nick Beresford, 40, who lives in Switzerland but is visiting family near London for Christmas, said he had heard about the auction from a friend.
"It's good fun. It's a Christmas-sy atmosphere. People are in good moods," said Beresford, who was sheltering from the rain under an awning as his six-year-old son Harry proudly clutched a chunk of beef.
The Christmas Eve auction has been for the past 50 years in front of the faded billboards of the General Market at Smithfield, which was built in 1881 and has been mostly derelict for years as successive regeneration plans have fallen through.
The Victorian building, which is next to a larger and more modern meat market, was sold earlier this week to the City of London Corporation, which plans to redevelop it to house the Museum of London.
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